Eastern Platinum Limited has posted its production results for the fourth quarter of 2010, reporting 32,752 oz of pgm produced at its Crocodile River Mine.

The Vancouver-based company said the output was somewhat lower than the 34,000 oz produced during the same period last year, putting this decrease down to a slight fall in concentrator recovery as well as fewer shifts being worked over the Christmas period.

Meanwhile, head grade fell to 4.0 g/t in the fourth quarter due to dilution caused by increased development.

"We look forward to production increases, as well as production from Crocette, which we expect will come on stream and contribute ounces within the next 12 months," said Ian Rozier, chief executive officer of Eastern Platinum.

The company will release its full fourth quarter and year-end results on March 23rd.

On December 30th, Eastern Platinum announced that it had completed its $348 million (£218 million) equity financing, following which just over 224 million were issued at a price of $1.55 (£0.97) per share.

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Eastplats reports lower fourth-quarter pgms output (14/01/11) 

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